Hi,
Yes, your setup will work. When you connect 2 circuits to the same VNET, the routes from each circuits are learnt by ER Gateway and are exchanges to the circuits. Transitive connectivity between DCs will be established.
You can think of ER Global reach to reduce extra hops and latency. If your intension is to use Firewall to filter traffic between 2 DCs, then your design should work.
Regards,
Karthik Srinivas